A significant shift in the Philippines’ power landscape has been authorized, as the Thunder Consortium gains approval to acquire the massive Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex. This P36-billion deal promises to reshape energy production in the Laguna province and beyond.
The Philippine Competition Commission (PCC) officially cleared the path for the consortium – a powerful alliance of Aboitiz Renewables, Sumitomo Corp., and Electric Power Development Co. – to take ownership of the 797-megawatt complex from the state-run Power Sector Assets and Liabilities Management Corp. (PSALM). This follows a competitive bidding process concluded in July, marking a pivotal moment for the nation’s energy future.
The CBK complex is a critical energy resource, comprised of four distinct power plants: the 39.37-MW Caliraya, the 22.91-MW Botocan, and the substantial Kalayaan I (366 MW) and Kalayaan II (368.36 MW) pumped-storage facilities. These plants, all strategically located in Laguna, represent a substantial boost to the country’s power generation capabilities.
This isn’t simply a change in ownership; it’s a long-term commitment. The hydro assets operate under a 25-year build-rehabilitate-operate-transfer agreement, ensuring a sustained contribution to the national grid. PSALM anticipates the complete handover of the plant by February 2026, initiating a new era of operation.
Financial closure of the deal is anticipated before the year’s end, according to AboitizPower’s Chief Financial Officer. The consortium anticipates immediate earnings contribution from the asset upon transfer, signaling a swift return on investment and a rapid integration into the nation’s power supply.
AboitizPower currently boasts an impressive attributable net sellable capacity of 5,284 MW, with a growing emphasis on renewable sources – currently at 1,187 MW. The remaining capacity is fulfilled by thermal energy sources, providing a balanced energy portfolio.
Looking ahead, AboitizPower has ambitious expansion plans, aiming to reach a total capacity of 9.2 gigawatts by 2030. This growth will be strategically balanced, targeting a 50:50 split between renewable and thermal energy, demonstrating a commitment to a sustainable energy future for the Philippines.
